688 Rogers Ave · New York, NY 11226

$885,000

54 bd · 42.0 ba · 4,560 sqft · MultiFamily public records · 597 Days on market

Built 1931 3,002 sqft lot

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Located in the vibrant neighborhood of Lefferts Garden, this well-maintained, solid brick six-family, semi-detached property offers an exceptional investment opportunity! The building comprises three spacious two-bedroom units and three one-bedroom units, providing diverse rental options in a rent-stabilized setup. The finished basement, featuring a separate rear entrance, enhances flexibility for additional use. Positioned in a booming location with valuable buildable potential, this property is ideally suited for a 1031 exchange buyer looking to expand their portfolio in a high-demand location.

Key facts

• Solid brick property
• 3,002 sq ft lot
• Built 1931

Tags

• SOLID BRICK PROPERTY
• RENT-STABILIZED SETUP

Property features AI

Finance

• Other: Building footprint approximately 1,600 (dimensions 80 x 20); Total building area reported as 4,560; Zoned R7-1
• Financial info: Building generates rental income (reported rental income: 82,800); Financing options considered: exchange, bank mortgage, or cash

Exterior

• Parking: No on-site parking
• Security: No specific security features reported
• Utilities: Electric service with circuit breakers; Gas hot water and heating; Utility expense reported (approx. $700)
• Home design: Semi-detached residential building; Flat/asphalt tar roof; Brick exterior
• Construction: Block construction; Poured concrete foundation
• Exterior features: Front, side and back yards; Fully fenced yard

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Six-unit building with a mix of 1- and 2-bedroom units (three 1-bedrooms, three 2-bedrooms); Unit distribution by floor: units on floors 1–3
• Flooring: Hardwood floors
• Bathrooms: Six full bathrooms and one 3/4 bathroom across the building
• Heating & cooling: Steam/radiator heating; Hot water provided by gas; No central AC units reported
• Interior features: Finished full basement; Laundry area; Hardwood floors; Steam/radiator heat
• Laundry & utility: Laundry area on property

What this means for you Summary

Snapshot

• This is a 3×2bd/1.0ba + 3×1bd/1.0ba units multifamily listed at $885k.

Deal economics

• At list price, monthly cash flow is $10k ($117k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $885k).
• Recommended offer: $779k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.6% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Market conditions: Rents rising fast (+4.0%/yr); 151 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $20,700/mo this rent would consume 307% of the median local household income ($81k/yr) (locally 8485% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $32k of equity ($6k loan paydown + $25k appreciation (2.9% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.9% appreciation + 4.0% rent growth), your $248k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 597 days — a 12% lower offer ($779k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 6y ago; this cycle's ask has dropped $215k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $155k; list at $885k implies a 471% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $778,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 597 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.34% ✓
• Cap rate: 19.56%
• Cash-on-cash: 47.39%
• DSCR: 3.11
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.87% appreciation · 4.0% rent growth · sell at horizon

5-year hold

• IRR: 53.4%
• Equity multiple: 4.01×
• Total profit: $745,650
• Equity at exit: $391,660

10-year hold

• IRR: 53.6%
• Equity multiple: 8.35×
• Total profit: $1,820,729
• Equity at exit: $598,760

Cash invested: $247,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

ZIP-level market 11226

• Home prices YoY: 0.9%
• Rents YoY: 4.0%
• Active inventory: 151
• Price-to-rent: 23.2×

Monthly cashflow live

• Estimated rent: $20,700 high
• Mortgage (P&I): −$4,641
• Tax from tax record: −$1,557 /mo · $18,679/yr
• Insurance: −$369
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,347
• Net cashflow: $9,787

Break-even live

Break-even rent $8,312

Max offer price $885,000

Occupancy floor 48%

Sensitivity live

Price	-10% $10,288	-5% $10,037	+0% $9,787	+5% $9,536	+10% $9,286
Rent	-10% $8,151	-5% $8,969	+0% $9,787	+5% $10,604	+10% $11,422
Rate	-1.0pp $10,232	-0.5pp $10,012	base $9,787	+0.5pp $9,557	+1.0pp $9,324

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$9,516
▸ 3× units	1	1	$11,184
Total (6 units)			$20,700

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $221,250
• Closing costs: $26,550
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $885,000 Active 597 DOM
2. 2026-06-17
   days on market $885,000 Active 596 DOM
3. 2026-06-15
   days on market $885,000 Active 594 DOM
4. 2026-06-13
   days on market $885,000 Active 592 DOM
5. 2026-06-10
   days on market $885,000 Active 588 DOM
6. 2026-06-08
   days on market $885,000 Active 587 DOM
7. 2026-06-03
   days on market $885,000 Active 582 DOM
8. 2026-06-01
   days on market $885,000 Active 580 DOM
9. 2026-05-31
   days on market $885,000 Active 579 DOM
10. 2025-08-11
    price $885,000
11. 2025-07-24
    price $889,000
12. 2025-06-13
    price $899,000
13. 2025-05-20
    price $918,000
14. 2025-04-08
    price $925,000
15. 2024-12-16
    price $990,000
16. 2024-10-29
    listed $1,100,000 Active
17. 2022-05-08
    historical
18. 2022-05-07
    status Active
19. 2021-11-01
    historical
20. 2021-10-31
    status Active
21. 2021-09-03
    historical
22. 2021-09-03
    status Active
23. 2021-07-19
    historical
24. 2021-07-19
    status Active
25. 2021-06-30
    historical
26. 2021-04-12
    price $949,000
27. 2021-01-15
    price $999,000
28. 2020-10-17
    listed $1,199,000 Active
29. 1994-01-20
    soldstatus $155,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $18,679 · $1,557/mo
• Projected year-2 tax: $18,679 · $1,557/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $248,400
• − Mortgage interest: −$49,574
• − Property taxes: −$18,679
• − Insurance: −$4,425
• − Repairs & maintenance: −$19,872
• − Management: −$19,872
• − Depreciation: −$25,745
• Taxable income: $110,233
• Est. tax owed @ 24.0%: −$26,456
• After-tax cash flow: $90,984/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A- Housing C+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 95,144
• Household income: $81,014
• Rent vs Own: 86.0% rent · 14.0% own
• Severe rent burden: 8485.0

Population outlook (Kings County) Hauer SSP2

• Today (2025): 2,847,441 people
• By 2030: 2,937,006 · +3.1%
• By 2040: 3,095,491 · +8.7%
• By 2050: 3,228,968 · +13.4%
• By 2075: 3,321,723 · +16.7%
• By 2100: 3,111,387 · +9.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 59% Hispanic / Latino 16% White 14% Two or more races 9% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Hispanic 12% Romanian 1% Italian 1%
• Foreign-born: 43% · Canada, China, Mexico
• Languages at home: 65% English-only · French/Haitian/Cajun 14% Spanish 13% Other Indo-European 2%

Political lean MEDSL · Kings

• 2024 margin: Solid D (+44.0) · D 72.0% · R 28.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
• All cycles: 2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.87%
• Current HPI: 331.4138
• Rent YoY: ▲ 4.00%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+471.0% since first listed

20 events — show timeline

• 2025-08-11 Price Changed $885,000 BNYMLS
• 2025-07-24 Price Changed $889,000 BNYMLS
• 2025-06-13 Price Changed $899,000 BNYMLS
• 2025-05-20 Price Changed $918,000 BNYMLS
• 2025-04-08 Price Changed $925,000 BNYMLS
• 2024-12-16 Price Changed $990,000 BNYMLS
• 2024-10-29 Listed $1,100,000 BNYMLS
• 2022-05-08 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2022-05-07 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2021-11-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-10-31 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2021-09-03 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-09-03 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2021-07-19 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-07-19 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2021-06-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-04-12 Price Changed $949,000 OneKey® MLS as Distributed by MLS Grid
• 2021-01-15 Price Changed $999,000 OneKey® MLS as Distributed by MLS Grid
• 2020-10-17 Listed $1,199,000 OneKey® MLS as Distributed by MLS Grid
• 1994-01-20 Sold (Public Records) $155,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $18,679 · -1.0% YoY. Source: county tax records.